wt is firm equilibrium
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A firm is said to be in equilibrium when its marginal cost is equal to marginal revenue and marginal cost curve cuts the marginal revenue curve from below. A firm in equilibrium enjoys supernormal profits if average revenue exceeds marginal cost.
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The firm is said to be in equilibrium when it has no incentive either to expand or to contract its output. A firm would not like to change its level of output only when it is earning maximum money profits. Hence, making a maximum profit or incurring a minimum loss is an important condition of a firm's equilibrium.
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